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Why you Need Real-Time Business Intelligence Reporting

By April 18, 2022February 27th, 2024No Comments

Business Intelligence unlocks profound insights the moment you need them. Without real-time access to your P&C insurance company’s data, the company may rely on outdated information or lengthy periodic reports, often missing important data that may be siloed across departments.

The real-time access Business Intelligence offers extends across the entire company as the data pulled into your solution is merged from all existing systems, from rating and policy data to billing and third party data.

Most importantly, real-time analytics has the potential to greatly influence mindsets across the business. When insights are available at all times, the culture of your business can adapt from reactive and disjointed to proactive and prepared.

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How Does Business Intelligence Save Time?

The dashboards available through Business Intelligence allow many individuals across your company to gain fast and essential insights for monitoring performance and recommending courses of action.

  • Executives are able to make faster decisions with confidence through clearly defined key performance indicators and coherent visualized trends as Business Intelligence pulls important data in across the company and provides high-level insights with the ability to drill down.
  • Claims managers have access to quality claims data in meaningful quick-review formats, easily detecting fraud and given the tools to identify trends and reduce litigation expenses.
  • Actuaries are offered simplified statistical data from across the business and have confidence in accuracy when drawing comparisons and taking action.
  • Underwriters save valuable time discovering trends to improve risk management through access to diverse data in a simplified view and can better determine market trends within a unified system to project long-term profitability.
  • Accounting managers are offered immense efficiencies in report generating, including complex reporting such as loss triangle analysis or premium and loss analytics, as well as access to accurate and sophisticated predictive models.

Business Intelligence includes many pre-built standard reports for insurance operations, greatly simplifying your company’s process for report generation across areas of the business. Your reports can be edited and allows your team to create new reports as well with zero coding necessary.

Business Intelligence also greatly aids in discovering anomalies. For many businesses, extended hours are put towards discovering and investigating fraud and anomalies, tracking down anomalies to their source through spreadsheets and reiterations of reporting. With Business Intelligence, anomaly detection is enabled and makes it easy to find insights without having to slice and dice the data.

How to Gain Real Time Business Intelligence

Business Intelligence turns your data into clean, coherent, interactive visuals. Through a process of extracting and loading your data, our insurance data warehouse model design follows industry-proven dimension-modeling standards, and stores data at the lowest possible level of granularity.

It’s important to use Business Intelligence made for the insurance business. Data structures built into the WaterStreet Business Intelligence solution directly fit insurance company needs, highly optimized for fast and flexible insurance-specific queries, and built from the ground up to fit your insurance data.

The Waterstreet BI Platform was built to specifically map your P&C Insurance transaction data to a logical data model.

WaterStreet Business Intelligence

The WaterStreet Business Intelligence Platform improves management capabilities through a collection of tools that work together to turn your data into clean, coherent, interactive visuals.

We know the challenges that carriers face in managing business because we come from the insurance industry. We draw upon decades of knowledge and first-hand experiences to bring you industry best practices.

Ready to Take Action?

Reach out to WaterStreet Company today to request a consultation and demo of our solutions.

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